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U.N. Climate Fund Hits $10 Billion Goal After Aussies, Belgians Chip In

LIMA, Peru — A new Green Climate Fund that aims to help poor nations cope with global warming reached a U.N. goal of $10 billion on Tuesday at global climate talks in Lima, helped by a surprise donation from Australia. Several of the 190 nations at the meeting welcomed the cash from Australia and Belgium, but China said rich countries were not working fast enough to meet a broader goal of providing $100 billion a year by 2020 from public and private sources to help the poor cope. Pledges by 24 nations now total $10.14 billion, said Hela Cheikhrouhou, head of the fund.

Environment ministers are meeting in Lima from Dec. 1-12 to work on elements of a draft deal to curb greenhouse gas emissions. Finance is a key part of the deal, due to be agreed in Paris in late 2015, to help developing nations take part. Australia, which faced criticisms by developing nations after it did not make a pledge at a donors' meeting last month, pledged A$200 million ($166 million) and Belgium 51.6 million euros ($64 million). The fund is meant to help poor nations cut their greenhouse gas emissions and adapt to climate change.

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— Reuters